The positive momentum at NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) continues: the company's first quarter results beat the analysts' estimates, and it has raised its annual profit guidance.
NICE provides data analysis solutions for both the civilian and military markets. It is traded on Nasdaq and the Tel Aviv Stock exchange at a market cap of $3.5 billion. In the first quarter, its revenue grew by 7.5% in comparison with the corresponding quarter, to $246 million. The company made a GAAP-based net profit in the quarter of $29.2 million, up 86% in comparison with the corresponding quarter. The non-GAAP net profit was up 26.8%, at $44.1 million.
Earnings per share, at $0.72, beat the consensus analysts' estimate by $0.03.
The company continues to expect full-year 2015 non-GAAP total revenue to be in a range of $1,065 million to $1,085 million. It raised its full year 2015 non-GAAP fully diluted earnings per share guidance to a range of $3.10 to $3.21, or a net profit of $190-196 million in total.
The first quarter was strong from the point of view of cash flow. Operating cash flow was $104.1 million, compared with $58.4 million in the corresponding quarter. $6.3 million was used for share repurchases and $9.6 million for dividends. At the end of the quarter, total cash and cash equivalents, short term investments and marketable securities were $591.2 million, with no debt.
The company declared a cash dividend for the first quarter of 2015 of $0.16 per share. The record date will be May 20th, 2015 and the payment date will be June 3th, 2015.
"We are pleased to report another strong quarter," said NICE CEO Barak Eilam, "We reported Non-GAAP revenue growth of 7.5%, which would have been 10% excluding the negative impact from foreign exchange rates, non-GAAP earnings per share growth of 26%, demonstrating strong leverage in our business model, and record cash flow from operations. We owe these strong results to solid execution supported by strong growth in analytics, and the further implementation of our operational plan to streamline our business and improve profitability.
"Innovation has been a cornerstone to much of our success. We will continue to accelerate innovation and move products faster to market. With a growing addressable market and a solid leadership position, we believe that we are well-positioned to capture the many opportunities ahead of us."
Published by Globes [online], Israel business news - www.globes-online.com - on May 7, 2015
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